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HomeMy WebLinkAbout2395 l.cnder's written agreement or applicable law. Borrower shall pay the amount of all mortgt~~ ~SUr:InrC premiums in the manner pmvidcd under paragraph ? hereof. Any amounts dithursed by Lender pursuant to this paragraph 7. with interest thertx+n, shall become additional indch:cdnctt of Borrower secured M• this i?lortgagc. l_'nlcc Borrower and I ender agar to other terms of payment, such amount, Shall he payahle upon notice tram 1-ender to &+rnwcr rcyue,ting payu~cnt thereof, and shall l+car interest from the date of disbursement at the rate payahle from tirr~~ti iitti~~tt~utstanding principal under the Note unless payment of interest at such rate would be contrary to applicable law, iii whit event each amounts Shall hear interest at the highest rate perntissihte under applicable law. Nothing contained in this paragraph 7 shall require Lender to incur any expense or take any apt:on hereunder. 8. Inspection. Lender may make or cause to be made reasonable entries upon and incpectionc of the Property, provided that i.ender shall give Borrower notice prior to any such inspection specifying reasonable cause therefor related to Lender's interest in the Property. 9. Coademnatbn. The prcx-eedc of any award or claim for damages, direct or consequential. in connection with any condemnation or other taking of the Property, or part thereof. or tot conveyance in lieu of condemnation, arc hereby assigned and shalt l+e paid to Lender. In the event of a total taking of the Property. the proceeds shall be applied to the sums secured by this Mortgage. with the excess, if any, paid to Borrower. In the event of a partial taking of the Property. ttnlesc Borrower and Lender otherwise ague in writing. there shall be applied to the sums secured by this Mortgage such prolwrtion of the proceeds as is equal to that proportion which the amount of the sums secured by this Mortgage immediately prior to the date of taking bears to the fair market value of the Property immediately prior to the date of taking, with the balance of the proceeds paid to Borrower. If tiro Property is abandoned by Borrower, or if. after notice by Lender to Borrower that the condemnor offers to make an award 9r set e a claim far damages. Borrower fails to respond to i.ender within 10 days after the date such notice is mailed, I_ender~s authorized to collect and apply the proceeds. at i.ender'c option. either to restoration or repair of the Property pr to tF.e sums secured by this Mortgage. Unless Lender and Borrower othervise agree in writing, any such application of proceeds to principal. shall not extend or postpope_ the Sue date of the numbly installments referred to in paragraphs 1 and 2 hereof or change the amount of such installments. 10, Borrower Not Rekssed. Extension of the time for payment or modification of amortization of the sums secured by this Mortgage granted by lender to any. successor in interest of Bc?rrower shall not operate to release, in any manner. the liability of the original Borrower and Borrowers succeswrc in interest. 1_cnder shall not he required to commence proceedings against etch succesor or refuse to extend time for payment or otherwise modify amortization of the sums secured by this Mortgage by reason of any demand made M• the original Borrower and Borrowers successors in interest. 11. Forbearance by Lender Not a Wsiver. Am• fotfiearancc by i.ender in exercising any right or remedy hereunder, or otherwise afforded by applicable law, shall not he a waiver of or preclude the exercise of any such right or remedy. The procurement of insurance or the payment of taxes or other liens or charges by tender ,hall not he a waiver of Lender s right to accelerate the maturity of the indebtedness aecur~-d by thi, !Itorteage. 12. Remedies Cumulative. All remedies provided in Shit Mortgage arc distinct and rttmttlative to any other right or remedy under this Mortgage or afforded by law or equity, and may he exercised concurrently. independently or succctsively. 13. Snccecwrs and Assigns Bound; Joint and Se~etral I.iahBih: Captions. The covenants and agra-encore herein contained shall bind, and the rights hereunder shall inure to. the respective successors and assigns of lender and Borrower. ,object to the provisions of paragraph 17 hereof. All covenants and agreements of Borrower shall be joint and several. The captions and headings of the paragraphs of this Mortgage arc for convenience only and are not to he used to interpret or define the provisions hereof. i 14. Notice. Except for any notice required under applicable law to be given in another manner, (a) any notice to Borrower provided for in this Mortgage shall he given by mailing Such notice by certified mail addressed to Borrower at ! the Property Address or at such other address as Borrower may detignat~ by notice to 1-ender as pmvidcd herein, and 1h? am• notice to 1_ender shall he given M• certified mail. return receipt reque,ted. to Lenders address stated herein or to .orb other address a~ Lender may designate by notice to Bornnser as provided herein. Any notice provided for in this Mortgage shall he deemed to have been given to Bcrmwcr o~ I.cndcr ~•hen given in the manner designated herein. I5. Uniform AfortRaRe; Cotenrirrg LaN~; SeverabiliN•. This form of mortgage romhines uniform rnvenants for national - ute and non-uniform coven:ant, with limited variation h}• juriuliction to rnnstit?nv a uniform security instrument rnvering real properly. This !4ortgage shall be governed by the law of the jurisdiction in which the Property is !orated. In the event that any provision or clause of this !1ortgage .+r the i~~~te ronflictc with applicable law, such conflict ,hall not affect other provisions of this Mortgage or the Note which can be given cBect without the conflicting provision. and to this ~ end the pruvitiuns of the Mortgage and the lots arc declared to be ccverahle. 16. Borrower's Copy. Borrower shall t+c furnished c~mfrrmcd ropy of the Note and of this Mortgage at the time of execution or after recordation hereof. 17. Transfer of the Propert}•: Assumption. if all or as+~ part of the Property or an interest therein is sold or transferred ~ by Borrower without Lender's prior written content. cncluding tat the creation of a lien or encumbrance subordinate to Shit Mortgage. (h) the creation of a purchase money cecurit,• interest for household appliances. fe) a transfer h}• devise. descent or by operation of law upon the death of a joint tenant or (dt the grant of am- leasehold interest of three years or less not containing an option to purchase, !.ender may, at l.cnder's opton, declare all the sums secured by this Mortgage to be immediately due and payahle. Lender shall ha,•e waived such option to accelerate if. prior to the sale or transfer, Tender and the person to whom the Property is to be sold or transferred reach agreement in writing that the credit of such person it satisfacton• to I_endcr and that the interest pa}able on the turns secured by this Aortgage shall be at such rate as Lender shall request. If lender has waived the option to accelerate pmvidcd in this paragraph 17, and if Borrower's successor in interest has executed a written assumption agreement accepted in writing by i.ender, Lender shall release Borrower from all obligations under this Mortgage and the Note. If Lender exercises such option to accelerate. I.cndcr ,hall mail Borrower notice of acceleration in accordance with paragraph 14 hereof. Such notice shall provide a period of not Tess than 30 days from the date the notice is mailed within which Borrower may pay the sums declared due. If Borrower fails to pay such sums prior to the expiration of such period. Lender may. without further notice or demand on Korrowcr. im•ol:e am• remedies permitted by paragraph 18 hereof. NoW-UNIFORM CovFxxtvrs. Borrower and Lender further covenant and agree as follows: l8. Acceleration; Remedies. Except as provided in paragraph 17 hereof, upon Borrower's breach of gay covenant or 1 agreement of Borrower in this Mortgage, inclodirtg the covenants to pay when due any sums secured by this Mortgage, Lender prior to sccekration shop mail notice to Borrower as provided in paragraph 14 hereof specifying: (1) the breach; (2) the action required to care snob breach; (3) s date, not less than 30 days from the date the notice is mailed to Borrower, by wbk6 such breach must be cored; and (4) that failure to cure such breach on or before the date specified in the notice may molt in acceleration of the soma secured by this Mortgage, foreclosure by judicial proceeding and sale of the Property. The notice shall further inform Borrower of the right to reinstate after acceleration and the right to assert in the forectasnre proceeding • ~ the non-a:iatenc~ of a defauN or any other defense of Borrower to acnkration and forecbsore. If the breach is not cured on or before the date specified in the nMice, Lender at Leader's option may dcchre all of the sums secured by this Mortgage to be immediately doe sod payshk without further demand and may foreclose this Mortgage by judicial proceeding. Lender sbaA be entitled to collect in sorb proceeding all a:penses of foreclosure, including, but not limited to, reasoaa6ie attorney's fees, ~ and costs of documentary evidence, abstracts and tick reports. 19. Borrower's Right to Reinstate. Notwithstanding Lenders acceleration of the sums secured by this Mortgage. Borrower shall have the right to have any proceedings begun by Lender to enforce this Mortgage discontinued at any time • B~~ 315 PACE 2394